Ethereum (ETH) price today trades at No data found for ethereum on 8 seconds ago as of No data found for ethereum on 8 seconds ago. This drop comes after ETH price opened today at $2,622.81 and hit a daily high of No data found for ethereum on 8 seconds ago. Since the opening price, Ether is down No data found for ethereum on 8 seconds ago% on October 23.

Ethereum Price Today Drops For The Third Consecutive Day

Ethereum price’s near-2.0% slide comes after Bitcoin’s October 23 slump. This bearish trend began after BTC’s weekend rally formed a local top on October 20. Since then, ETH prices and the rest of the crypto markets have been climbing down. Investors must be cautious as this crash could continue until the pioneer crypto forms a local bottom.

Ethereum Price Chart

*Ethereum price updated as of No data found for ethereum on 8 seconds ago.

Ethereum has been the popular smart contract altcoin since its inception in 2015. However, being first is not enough, which is why the Ethereum blockchain continues to receive major network upgrades. Regardless, the ETH price action over the past year has been nothing but a disappointment to investors.

Investors had high expectations for ETH after the spot ETF approval, but Ethereum price has remained rather lull compared to the rest of the top altcoins.

Ethereum’s Historical Price Performance

The year-to-date (YTD) performance of ETH has dropped to 9% after being around 20% just three days ago. If Bitcoin’s outlook remains bearish, Ethereum’s lackluster performance will likely worsen, leading to a drop in market capitalization, which currently stands at No data found for ethereum on 8 seconds ago, making it the second-largest cryptocurrency.

Ethereum: The Second-Largest Cryptocurrency

Clubbing Ethereum’s No data found for ethereum on 8 seconds ago market cap with Bitcoin’s (BTC) $1.15 trillion shows that the duo control nearly 70% of the total crypto market capitalization. The top one and two spots have always been allocated to BTC and ETH, with the exception of a few rare cases where Stablecoin Tether (USDT) and Ripple (XRP) have crept up to the second spot in the past.

Will Ethereum’s market cap remain stable and tower over Solana (SOL), Ripple (XRP), and other altcoins? The chances are high, considering Solana and Ripple’s market capitalizations hover around $78 billion and $30 billion, respectively.

Ethereum’s Trading Volume

Although Ethereum price performance has been down bad, the 24-hour trading volume of Ethereum is No data found for ethereum on 8 seconds ago. About 11% of this spot Ethereum trading volume comes from Binance, one of the largest cryptocurrency exchanges. Following Binance are exchanges like OKX, Bitget, ByBit, etc.

Ethereum Blockchain Upgrade to PoS

A high trading volume and popularity are not the only two features that have kept Ethereum in the top second spot for years. ETH has received plenty of network updates since its inception in 2015. This is done to ensure that the network remains secure, decentralized, and scalable.

Toward this effort, the London hard fork stands out since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Although there were a ton of criticisms toward the switch, Ethereum has become more secure and decentralized since the upgrade. The transaction cost has also improved vastly since the London hard fork, making it a desired chain to transact on.

Ethereum Blockchain Upgrades in The Last 5 Years

Here are some key milestone upgrades to the Ethereum network over the past five years.

2024

Cancun-Deneb (“Dencun”)

2023

Shanghai-Capella (“Shapella”)

2022

Paris (The Merge)
Bellatrix
Gray Glacier

2021

Arrow Glacier
Altair
London
Berlin

2020

Beacon Chain genesis
Staking deposit contract deployed
Muir Glacier

Ethereum Gas Price Influence

Ethereum’s upgrades try to strike a balance between decentralization, security, and scalability. The Proof-of-Stake switch achieved via the London hard fork has had huge impact on scalability and has slashed gas fees exponentially.

Ethereum gas price today stands at approximately 9. Gwei.

Gwei as a tiny transaction tax. This tax or gas fee often soars during bull run when there’s more value to be extracted on-chain.

Ethereum Price Prediction & Upcoming Trends

The recent spike in Ethereum price can be attributed to Bitcoin’s uptick toward $69K. This shift in momentum for BTC could end the seven-month consolidation and potentially kickstart a comeback for ETH.

Ethereum prices 2024

As of ‘October 23, here is a comparison between Ethereum and Bitcoin’s YTD, 6-month and 1-month performance.

ETH vs. BTC Price Performance

Ethereum price today trades at $2,752, slightly higher than Tuesday, but investors should note that the overall bias of the crypto markets is bearish and could lead to further correction ahead of the week.

The post Ethereum Price Today is $2,572, ETH is Down 1.81% appeared first on CoinGape.

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Filed under: News - @ October 23, 2024 2:22 pm